Sunday, April 08, 2012 7:13:26 PM
Forks like elliot wave evolve
First dont use steep forks because they dont really encapsulate
price. Second i sometimes start a fork with a single channel using
high and low as top and bottom of channel. Remember also use RSI
most of the time RSI > 70 and < 30 will mark the top and bottom of tbe fork.
In this example i would then duplicate the channel creating the 2 channels and 1 fork. Put it on top the other channel.
In this example the market did an impulsive move up already after
breaking out of the channel. Most of wave 3 is done and the channel or fork should be very narrow.
The first fork would have the B and C as the high and low.
Again use multiple forks. Crude drawing below
First dont use steep forks because they dont really encapsulate
price. Second i sometimes start a fork with a single channel using
high and low as top and bottom of channel. Remember also use RSI
most of the time RSI > 70 and < 30 will mark the top and bottom of tbe fork.
In this example i would then duplicate the channel creating the 2 channels and 1 fork. Put it on top the other channel.
In this example the market did an impulsive move up already after
breaking out of the channel. Most of wave 3 is done and the channel or fork should be very narrow.
The first fork would have the B and C as the high and low.
Again use multiple forks. Crude drawing below
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
